Guaranteed Rate cuts 180 mortgage jobs

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Guaranteed Rate has let go of about 180 employees across all of its locations, but the company said the cuts were not related to the decline in the amount of new mortgage loans it funded last year, the Chicago Tribune reported.

“We recently made the decision to rebalance our organization in areas where we were overstaffed, resulting in some positions being eliminated,” the company said in a statement spokeswoman Valerie Dolenga provided to the publication. “The move improves our competitive positioning and allows us to be even more aggressive in providing the best mortgage rates for our customers.”

Dolenga said that among the affected staff were operations assistants who assisted in processing loan paperwork. Guaranteed Rate had about 3,600 workers around the US before the layoffs.

The spokeswoman said the cuts were not linked to the drop in the company’s new mortgage loans. Guaranteed Rate had $19 billion of new mortgage loans funded in 2017, dropping the $22 billion in 2016. The company said in its statement that it expects 2018 to be its largest year in total funded loan volume.

Despite the layoffs, the company plans to grow its staff, with growth steady over the years. According to the report, Dolenga said Guaranteed Rate added 120 loans officers in January and February and is looking to add another 1,500 through 2018.